Title 20, Insurance

A. Every title insurance agent shall keep books of account, records and vouchers pertaining to the business of title insurance in such a manner that the director may readily ascertain from time to time whether the agent has complied with all applicable provisions of law. B. A tit…

Every title insurance agent shall promptly reply, in writing, with a copy thereof to each title insurer for which the agent is acting, to any inquiry of the director relative to the business of title insurance, and failure to reply shall be a ground for revocation of the agent's …

A title insurer may authorize the use of its corporate name or a portion of the name to a title insurance agency.

A title insurer may pay a commission to a licensed title insurance agent or other title insurer.

No title insurer and no title insurance agent shall pay or give to any applicant for insurance, or to any person who is acting as agent, representative, attorney or employee of the owner, lessee, or mortgagee or of the prospective owner, lessee or mortgagee of the real property o…

A. No title insurer nor title insurance agent shall knowingly make any rebate of any portion of the fee or charge established pursuant to section 20-376. B. No title insurer nor title insurance agent shall knowingly quote any fee or make any charge for a title insurance policy to…

A. As used in this article "personal or controlled insurance" means a policy of title insurance where the insured or one of the insureds under such policy is, or the loss thereunder is payable to: 1. The title insurer issuing such policy for its own benefit rather than as a fiduc…

A. If he has reason to believe that any title insurance agent has violated or is violating any of the provisions of this article, the director shall forthwith examine such title insurance agent's books of account, records and vouchers pertaining to the business of title insurance…

Every title insurer and every title insurance agent who knowingly pays any commission, or which makes any unlawful rebate, in violation of this article shall be guilty of a class 2 misdemeanor.

Nothing in this article shall be construed to prohibit the division of fees and charges between or among two or more title insurers or between or among one or more title insurers and one or more title insurance agents, or between or among two or more title insurance agents.

A. Every title insurer shall file with the director all forms of title policies and other contracts of title insurance before issuance of any policy or contract. A title insurance rating organization may make filings on behalf of all of its members or subscribers. A title insurer…

A. Every domestic title insurer shall, except as hereinafter provided, keep and maintain at its principal office in this state: 1. A true copy of its articles of incorporation as filed in the office of the corporation commission, and the original of its by-laws, 2. Its books of a…

A. All consumer credit insurance issued, sold or made effective in connection with a loan or other credit transaction for personal, family or household purposes is subject to this article and to all other provisions of this title not inconsistent with this article. Any provision …

In this article, unless the context otherwise requires: 1. "Consumer credit insurance" means any one or a combination of the following: (a) Credit life insurance. (b) Credit disability insurance. (c) Credit unemployment insurance. 2. "Credit disability insurance" means insurance …

The types of consumer credit insurance may each be written separately or in combination on an individual policy or group policy basis. The director may prohibit or limit any combination by rule.

A. The initial amount of credit life insurance shall not exceed the gross debt. B. If a debt is repayable in substantially equal installments, the amount of insurance shall at no time exceed the scheduled or actual amount of the gross debt, whichever is greater. C. Notwithstandin…

A. The total amount of periodic indemnity payable by credit disability insurance in the event of disability, as defined in the policy, or credit unemployment insurance, in the event of unemployment, as defined in the policy, shall not exceed the aggregate of the periodic schedule…

A. A credit unemployment insurance policy shall contain benefits that are at least as favorable to insureds as the following provisions: 1. The policy shall provide coverage for unemployment for any reason, except that coverage may be excluded for unemployment due to: (a) Volunta…

A. Subject to acceptance by the insurer, the term of any consumer credit insurance shall commence on the date when the debtor becomes obligated to the creditor. B. Notwithstanding subsection A of this section, the term of a policy that provides coverage for an existing obligation…

A. Before a debtor elects to purchase consumer credit insurance, the following information shall be disclosed to the debtor in the manner provided in subsection C of this section: 1. Purchase of consumer credit insurance is optional and not a condition of obtaining credit approva…

A. A person shall not use or issue for delivery in this state a policy, certificate of insurance, application for insurance, endorsement or rider that relates to consumer credit insurance unless the person has first filed the form with the director and the director has approved t…

A. The consumer credit insurance charge to the debtor shall not exceed the premium for the particular coverage that is specified in the insurer's rate schedule on file with the director. If the premium is less than that specified in the rate schedule, the insurer shall charge the…

A. Each individual policy or group certificate of consumer credit insurance shall provide that, in the event of termination of insurance prior to the scheduled maturity date of the debt, any refund of an amount paid by the debtor for insurance shall be remitted or credited prompt…

A. Each policy, certificate of insurance, application for insurance, endorsement and rider of consumer credit insurance delivered or issued for delivery in this state shall be by an insurer authorized by the director to transact insurance in this state. B. In any transaction wher…

A. In accordance with the terms of the applicable insurance contract, each claim shall be promptly reported to the insurer or to its designated claim representative and once reported shall be settled as soon as practicable. B. Each claim shall be paid either by draft drawn upon t…

When consumer credit insurance is required as a condition to a loan or credit transaction or as security for a debt, if so permitted by law, the debtor, upon request to the creditor, shall have the option of satisfying the requirements by furnishing existing policies of insurance…

In the manner prescribed by section 20-143, the director may make reasonable rules as the director deems appropriate for proper administration of this article.

On finding that a person has violated this article or a rule adopted pursuant to this article, the director may issue an order directing that the person cease and desist from committing the violation. On the issuance of an order to cease and desist, the person may request a heari…

In addition to any other penalties authorized by this title, after notice and a hearing, the director may impose on an insurer that violates an order of the director that is issued pursuant to this article or any rule adopted pursuant to this article a civil penalty of not more t…

A. This article applies to an insurer or producer transacting credit property insurance. B. All credit property insurance written in connection with credit transactions for personal, family or household purposes is subject to this article, except: 1. Insurance resulting from tran…

In this article, unless the context otherwise requires: 1. "Closed-end credit" means a credit transaction that does not meet the definition of open-end credit. 2. "Collateral" means personal property in which a purchase money security interest is retained or that is pledged as se…

A. For credit property insurance sold in conjunction with a closed-end transaction, an insurer shall not: 1. Issue credit property insurance coverage unless the amount financed exceeds one hundred dollars. 2. Issue credit property insurance in an amount that exceeds the amount of…

A. Before a debtor elects to purchase credit property insurance, the following information shall be disclosed to the debtor in writing: 1. Purchase of credit property insurance through the creditor is optional and not a condition of obtaining credit approval. 2. If more than one …

A. A person shall not deliver, or issue for delivery in this state, any credit property insurance policy or rate unless the person has first filed the form or rate with the director and the director has approved the form or rate. Unless the director issues an order affirmatively …

A. An insurer's premium rates shall be reasonable in relation to the benefits provided and shall not be excessive, inadequate or unfairly discriminatory. B. At least once every three years, the director shall establish by order a loss ratio standard. In establishing the loss rati…

An insurer transacting credit property insurance in this state shall annually file with the director and the national association of insurance commissioner's a report of credit property insurance written on a calendar year basis. The report shall use the credit insurance suppleme…

On cancellation for any reason, the debtor is entitled to a refund of unearned premiums calculated on a daily pro rata basis, except that an insurer is not required to make any refund of less than five dollars.

A. A creditor shall promptly report all claims to the insurer or its designated claim representative. B. All claims shall be paid either by draft drawn on the insurer, by electronic funds transfer, by check of the insurer to the order of the claimant to whom payment of the claim …

On finding that a person has violated this article or a rule adopted pursuant to this article, the director may issue an order directing that the person cease and desist from committing the violation. On the issuance of an order to cease and desist, the person may request a heari…

The director may adopt any rules reasonably necessary to carry out and effectuate this article.

In addition to any other penalties authorized by this title, after notice and a hearing, the director may impose on an insurer that violates an order of the director that is issued pursuant to this article or any rule adopted pursuant to this article a civil penalty of not more t…

A. In this article, unless the context otherwise requires, "motor vehicle" means a licensed land, motor-driven vehicle but does not mean: 1. A private passenger or station wagon type vehicle used as a public or livery conveyance or rented to others. 2. Any other four-wheel motor …

A. A notice by the insurer to the policyholder of cancellation or reduction in the limits of liability or coverage for reasons other than nonpayment of premium shall be sent to the named insured at least ten days before the effective date of the cancellation or reduction in limit…

A. Motor vehicle insurance policies shall contain a provision that the policyholder is entitled to a minimum grace period of seven days for the payment of any premium due except the first payment, during which grace period the policy shall continue in full force. For the purposes…

A. Any individual who believes cancellation of the individual's policy is arbitrary, capricious or otherwise in violation of this article, who believes nonrenewal is in violation of this article or who believes notice of nonrenewal or cancellation, or the reasons for nonrenewal o…

The director or any person who in good faith furnishes to the insured or insurer information as to reasons for cancellation or nonrenewal of a motor vehicle policy shall not be liable to any party for providing such information.